NorthPoint Plans to Take Legal Action
Against Verizon for Canceling Deal

By

Shawn Young Staff Reporter of The Wall Street Journal

Updated Dec. 1, 2000 12:01 a.m. ET

NorthPoint Communications Group Inc., facing a funding crunch, plans to pursue legal action against local phone giant Verizon Communications Inc. for canceling its plan to buy a controlling stake in the upstart provider of high-speed Internet connections and provide it with additional financing.

NorthPoint, San Francisco, also is talking with creditors about gaining access to $165 million in already-pledged bank credit as it plans a...